Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Planning Budget Budget 54 Flights (9) 54 $ 16,100 $ 19,170 $ 18,460 Revenue ($355.009) Expenses: Wages and salaries ($3,100 + $88.009) Fuel ($33.009) Airport fees ($820 + $34.009) Aircraft depreciation ($10.009) Office expenses ($210 + $1.009) Total expense Net operating income 7,816 1,946 2,541 540 432 13,275 2,825 7,852 1,782 2,656 540 264 13,094 6,076 7,676 1,716 2,588 520 262 12,762 5,698 $ $ $ The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results 54 Planning Budget 52 Flights 54 Revenue $ 16,100 $ 19,170 $ 18,460 Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 7,816 1,946 2,541 540 432 13,275 2,825 7,852 1,782 2,656 540 264 13,094 6,076 7,676 1,716 2,588 520 262 12,762 5,698 $ $ $